round the world, cryptocurrencies are coming under regulatory pressure, but some exciting developments have come out of the UK in the past few weeks. The British Treasury announced that it intends to bring stablecoins under the Financial Conduct Authority’s (the UK regulator) remit if used for payments as part of a broader plan to make the UK a hub for digital payment companies. In January of last year, the British Treasury consulted on whether and how it should regulate crypto assets. Given that stablecoins have a stable value linked to traditional currencies or assets like gold, the Treasury’s view that they have the potential to develop into more mainstream usage; therefore, regulating stablecoins would ensure they are used safely by the public. Finance Monthly. F i nanc i a l Innov a t i on & F i nTech 57
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